New York Life Insurance - Proven Reliable in the Industry
The New York Life Insurance Company, also known as NYLife has been in the business for over 150 years. In addition to being a long-standing member of the industry, NYLife has also made many firsts, such as the first cash dividend paid to United States policy holders and the first insurance provider to offer men and women the same rates.
In 2009, this company reported approximately $120 billion in assets, and $177 billion in liabilities. The strong claims made by the company are backed by agency ratings. Moody's rates this company "Aaa", and AM Best Rates has given NYLife a rating of "A++".
The Benefits of Becoming a NYLife Customer
New York Life specializes in coverage that is focused on survivorship. This company's plans are aimed at providing the best coverage possible by reducing policy expenses and cost of insurance.
They offer the "NYL Protector" universal life policy, which places much of the emphasis on the death benefit. Their similar policy, "NYL Survivorship UL" includes a lifetime guarantee, which offers no-lapse protection as long as the policy holder pays their premiums and meets the other conditions of the policy.
The benefits of this company's universal life policies are many for those who are doing business or estate planning. Dependents with special needs can benefit from long-term financial care with these policies also.
Protecting and Preserving Wealth
New York Life has two options that allow for the protection of wealth and assets. One policy, called "Instant Legacy", doesn't require any medical examinations; all that's required is the completion of a short questionnaire. A decision about coverage amount and approval occurs on the same day the questionnaire is submitted. Policy holders are subject to surrender charges, and there are partial surrender options after the first year of coverage has passed.
The "NYL Asset Preserver" allows a policy holder's assets to be preserved in the event that he or she requires long-term medical care. This plan allows the expenses of long-term care to be covered by allowing access to the death benefit. Also known as an 'accelerated benefit', this money can be used for needed services such as home care and assisted living.
Three Options for Whole Life
New York Life offers whole life plans in three types; traditional whole life, custom whole life and modified premium whole life insurance.
The traditional option provides locked-in premiums for the life of the policy owner. As well, holders enjoy accumulation of cash value, as well as lifetime protection.
Custom Whole Life Insurance is just that; customizable. The holder can choose to pay their premiums during an amount of time that they specify, such as during the years where income is earned by working. This allows the holder to enjoy lifetime protection, and benefit from extra cash during retirement.
Modified Premium comes with the same guarantees as its traditional Whole Life counterpart, but offers holders lower initial premiums that increase later on in the policy. This option suits families who need to budget currently, but expect more financial freedom in the far future.
In addition to their traditional term plans with twenty and five year options, New York Life also offers unique policies which protect the family and those looking for coverage well into old age.
NYLife's Family Protection option uses a single policy to cover an entire family having two adults. Locked-in premiums for the first decade, and then annual increases are the terms of this option.
The Increasing Premium Term option does have a risk to the holder of becoming uninsurable, but can be helpful when the budget is tight. An annual renewable policy, the Increasing Premium Term option will increase in cost with age.
The Term to Age 90 option covers the holder to ninety years of age, with guaranteed premiums for ten years and then annual increases. However, these increases may mean that paying premiums is difficult as the holder ages.
Other Options for Coverage
New York Life Insurance offers a number of options for both universal and variable universal policies. Because there are so many options for each coverage type and level of flexibility, the best advice to the individual seeking insurance coverage is to visit the web site and consider each policy type carefully.
Does shopping for a policy seem overwhelming at times? We can help. We have assembled useful information about various policies and plans available from the most reputable life insurance companies in the industry to help you make an informed choice.